McColl's third quarter like-for-likes edge up 0.7%
Convenience and newsagents chain McColl’s has said its full year results are likely to meet management expectations after third quarter like-for-like sales edged up 0.7%.
In the 13 weeks to 27 August, like-for-like sales at its convenience stores and newsagents rose by 0.7% and 0.3% respectively.
Total revenue climbed by 31.1% for the quarter and by 15.8% in the year to date following the successful integration of 298 acquired convenience stores from The Co-operative Group.
The like-for-like performance in recently acquired and converted stores was up 2.6% in the period.
Earlier this month, Morrisons announced that it had embarked on a major long-term wholesale supply initiative with McColl’s.
Jonathan Miller, McColl’s chief executive, said: "This has been a significant quarter for McColl's with the integration of all 298 of the acquired convenience stores completed and the announcement of a ground breaking new supply partnership with Morrisons, beginning in January 2018.
"The 298 newly integrated convenience stores have driven strong revenue growth, and our existing estate has continued to perform well, delivering a second consecutive quarter of positive like-for-like sales growth.”
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